Friday, December 4, 2020

Sector Analysis and Key Events for Friday

INO.com  INO Morning Markets Report

"The 12 Million-Mile Battery"

One of Tesla's "original seven" employees has beaten his former employer, creating a battery technology so powerful it can send a Tesla across country without charging - four times. It's capable of charging in eight minutes, not hours. It's on the cusp of sparking a 20,300% market surge over the next decade.
Summary
The Dow Future has advanced 119 points to 30063. The US Dollar Index dropped 0.117 points to 90.597. Gold is trending higher 0.680 dollars to 1841.355. Silver has advanced 0.1525 dollars to 24.1975. The Dow Industrials edged higher by 85.73 points, at 29969.52, while the S&P 500 moved down 2.29 points, last seen at 3666.72. The Nasdaq Composite moved higher by 27.81 points to 12377.18. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
U.S. Crude Oil Production Rises In September
Thursday Dec 3rd

Metals Ratios Continue To Indicate Inflation
Wednesday Dec 2nd

Bitcoin Rallying And I Am No Longer Bearish
Tuesday Dec 1st

Key Events for Friday

8:30 AM ET. November U.S. Employment Report

Non-Farm Payrolls (expected +425K; previous +638K)

Unemployment Rate (expected 6.7%; previous 6.9%)

Avg Hourly Earnings (USD) (previous 29.5)

Avg Hourly Earnings-Net Chg (USD) (previous +0.04)

Avg Hourly Earnings, M/M% (expected +0.1%; previous +0.14%)

Avg Hourly Earnings, Y/Y% (expected +4.2%; previous +4.46%)

Overall Workweek (previous 34.8)

Overall Workweek Net Chg (previous +0)

Government Payrolls (previous -268K)

Private Payroll (previous +906K)

Participation Rate (previous 61.7%)

Non-Farm Payrolls Bench Net Chg

8:30 AM ET. October U.S. International Trade in Goods & Services

Trade Balance (USD) (expected -64.8B; previous -63.86B)

Exports (USD) (previous 76.35B)

Exports, M/M% (previous +2.6%)

Imports (USD) (previous 240.22B)

Imports, M/M% (previous +0.5%)

10:00 AM ET. October Manufacturers' Shipments, Inventories & Orders (M3)

Total Orders, M/M% (expected +0.8%; previous +1.1%)

Orders, Ex-Defense, M/M% (previous +1.8%)

Orders, Ex-Transport, M/M% (previous +0.5%)

Durable Goods, M/M%

Durable Goods,

10:00 AM ET. November Employment Trends Index

ETI (previous 97.57)

ETI, Y/Y%

3:00 PM ET. October Consumer Credit

Consumer Credit Net Chg (USD) (previous +16.2B)



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 90.597 -0.117 -0.13%
Invesco DB US Dollar Index 24.460 -0.110 -0.44%
US Dollar/Canadian Dollar 1.285485 -0.000605 -0.05%
Euro/US Dollar 1.216685 +0.002460 +0.20%
JAPANESE YEN Dec 2020 0.009620 -0.000012 -0.13%
SWISS FRANC Dec 2020 1.1250 +0.0021 +0.19%
US Dollar/Hong Kong Dollar 7.750625 -0.000625 -0.01%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The December Dollar was lower overnight as it extends the decline off November's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off November's high, monthly support crossing at $90.21 is the next downside target. Closes above the 20-day moving average crossing at $92.10 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $92.10. Second resistance is the 50-day moving average crossing at $92.91. First support is the overnight low crossing at $90.54. Second support is monthly support crossing at $90.21.

The December Euro was higher overnight as it extends the rally off November's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $124.75 is the next upside target. Closes below the 20-day moving average crossing at $119.18 would signal that a short-term top has been posted. First resistance is the 50% retracement level of 2018-2020-decline crossing at $121.46. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $124.75. First support is the 10-day moving average crossing at $119.92. Second support is the 20-day moving average crossing at $119.18.

The December British Pound was higher overnight as it extends the rally off September's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the February-2019 high crossing at 1.3684 is the next upside target. Closes below the 20-day moving average crossing at 1.3293 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 1.3502. Second resistance is the February-2019 high crossing at 1.3684. First support is the 20-day moving average crossing at 1.3293. Second support is the 50-day moving average crossing at 1.3100.

The December Swiss Franc was higher overnight as it extends this week's rally. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends Tuesday's trading range breakout, the September-2018 high crossing at 1.1319 is the next upside target. Closes below the 20-day moving average crossing at 1.1026 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 1.1256. Second resistance is the September-2018 high crossing at 1.1319. First support is the 10-day moving average crossing at 1.1077. Second support is the 20-day moving average crossing at 1.1026.

The December Canadian Dollar was steady to slightly higher overnight as it extends the rally off November's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the October-2018 high crossing at $79.05 is the next upside target. Closes below the 20-day moving average crossing at $76.78 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at $77.84. Second resistance is the October-2018 high crossing at $79.05. First support is the 10-day moving average crossing at $77.08. Second support is the 20-day moving average crossing at $76.78.

The December Japanese Yen was steady to slightly lower overnight as it extends the trading range of the past three-weeks. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, November's high crossing at 0.0970 is the next upside target. Closes below the 50-day moving average crossing at 0.0954 would signal that a short-term top has been posted. First resistance is November's high crossing at 0.0970. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0979. First support is the 50-day moving average crossing at 0.0954. Second support is October's low crossing at 0.0943.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Jan 2021 46.04 +0.40 +1.01%
NY HARBOR ULSD HEATING OIL Jan 2021 1.4020 +0.0108 +0.91%
NATURAL GAS Jan 2021 2.495 -0.017 -0.53%
RBOB GASOLINE Jan 2021 1.2690 +0.0071 +0.65%
Invesco DWA Energy Momentum ETF 16.8717 +0.2251 +1.77%
United States Gasoline 21.62 +0.34 +1.83%

ENERGIES

January crude oil was higher overnight as it resumed the rally off November's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $47.20 is the next upside target. Closes below the 20-day moving average crossing at $42.91 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $46.68. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $47.20. First support is the 10-day moving average crossing at $44.79. Second support is the 20-day moving average crossing at $42.91.

January heating oil was higher overnight as it has renewed the rally off November's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January resumes the rally off November's low, the 38% retracement level of the 2018-2020-decline crossing at $150.97 is the next upside target. Closes below the 20-day moving average crossing at $130.10 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $142.01. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at $150.97. First support is the 10-day moving average crossing at $136.14. Second support is the 20-day moving average crossing at $130.10.

January unleaded gas was higher overnight as it extends the rally off November's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought again but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $134.28 is the next upside target. Closes below the 20-day moving average crossing at $119.34 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $128.80. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $134.28. First support is the 10-day moving average crossing at $123.76. Second support is the 20-day moving average crossing at $119.34.

January Henry natural gas was lower overnight as it extends the decline off October's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, March's low crossing at 2.421 is the next downside target. Closes above the 20-day moving average crossing at 2.877 would signal that a short-term low has been posted. First resistance resistance is the 20-day moving average crossing at 2.877. Second resistance is the November 16th gap crossing at 3.074. First support is the overnight low crossing at 2.462. Second support is March's low crossing at 2.421.



 
Food Snapshot
Symbol Last Change %
COFFEE DECEMBER 2020 116.00 -0.85 -0.73%
SUGAR #11 WORLD MARCH 2021 14.59 -0.12 -0.82%
SUGAR #16 JANUARY 2021 28.5 0.0 0.00%
ORANGE JUICE - A JANUARY 2021 126.75 +1.10 +0.88%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 43.950 +0.015 +0.03%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 40.510 -0.285 -0.73%

FOOD & FIBER

March coffee closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.66 are needed to confirm that a short-term top has been posted. If March resumes the rally off November's low, the 75% retracement level of the September-November decline crossing at 12.80 is the next upside target.

March cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 25.59 would confirm that a short-term top has been posted. If March resumes the rally off November's low, monthly resistance crossing at 29.98 is the next upside target.

March sugar closed higher on Thursday as it consolidates some of the decline off November's high. The mid-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off September's low, weekly resistance crossing at 16.45 is the next upside target. Closes below the 50-day moving average crossing at 14.47 would open the door for a possible test of the October 30th low crossing at 13.94.

March cotton closed lower on Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at 70.37 is the next downside target. If March resumes the rally off April's low, the July-2018 high crossing at 79.56 is the next upside target.



"The 12 Million-Mile Battery"

One of Tesla's "original seven" employees has beaten his former employer, creating a battery technology so powerful it can send a Tesla across country without charging - four times. It's capable of charging in eight minutes, not hours. It's on the cusp of sparking a 20,300% market surge over the next decade.


 
Grains Snapshot
Symbol Last Change %
CORN Dec 2020 420.00 -2.25 -0.56%
OATS Dec 2020 303.00 +12.75 +4.30%
WHEAT Dec 2020 569.0 -9.0 -1.48%
Teucrium Corn Fund ETV 14.130 +0.060 +0.45%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 49.200 +0.555 +1.17%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.3920 +0.0520 +1.63%
SOYBEANS Jan 2021 1168.50 +1.75 +0.16%
SOYBEAN (MINI) Jan 2021 1168.875 +2.500 +0.23%
SOYBEAN MEAL Dec 2020 392.5 +0.9 +0.23%
Teucrium Soybean Fund ETV 17.690 +0.180 +1.11%

GRAINS

March corn was lower overnight. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at $4.10 3/4 is the next downside target. Closes above the 10-day moving average crossing at $4.27 3/4 would temper the near-term bearish outlook. If March resumes the rally off April's low, weekly resistance marked by the June-2016 high crossing at $4.43 1/2 is the next upside target. First resistance is Monday's high crossing at $4.39 1/2. Second resistance is the June-2016 high crossing at $4.43 1/2 is the next upside target. First support is the 50-day moving average crossing at $4.10 3/4. Second support is the October 29th low crossing at $3.93.

March wheat lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, the 50% retracement level of the June-October-rally crossing at $5.71 is the next downside target. Closes above Monday's high crossing at $6.09 1/4 would signal that a short-term low has likely been posted. First resistance is last-Wednesday's high crossing at $6.22 3/4. Second resistance is November's high crossing at $6.28 3/4. First support is the 50% retracement level of the June-November-rally crossing at $5.71. Second support is the 62% retracement level of the June-October-rally crossing at $5.55.

March Kansas City wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $5.67 3/4 would confirm that a short-term low has been posted. If March renews this week's decline, the 38% retracement level of the August-November-rally crossing at $5.27 3/4 is the next downside target. First resistance is last-Wednesday's high crossing at $5.75. Second resistance is November's high crossing at $5.86 1/2. First support is the 38% retracement level of the August-November-rally crossing at $5.27 3/4. Second support is the 50% retracement level of the August-November-rally crossing at $5.09 3/4.

March Minneapolis wheat was steady to fractionally higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at crossing at $5.63 3/4 would signal that a short-term low has been posted. If March extends the decline off October's high, the 75% retracement level of the August-October-rally crossing at $5.39 1/4 is the next downside target. First resistance is last-Wednesday's high crossing at crossing at $5.73. Second resistance is November's high crossing at $5.86. First support is Tuesday's low crossing at $5.46 1/4. Second support is the 75% retracement level of the August-October-rally crossing at $5.39 1/4.

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

January soybeans was steady to fractionally lower overnight. The mid-range close sets the stage for a steady to fractionally lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Wednesday's low crossing at $11.42 1/2 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If January renews the rally off August's low, monthly resistance marked by the June-2016 high crossing at $12.08 1/2 is the next upside target. First resistance is last-Monday's high crossing at $12.00. Second resistance is monthly resistance marked by the June-2016 high crossing at $12.08 1/2. First support is Wednesday's low crossing at $11.42 1/2. Second support is the 50-day moving average crossing at $11.95 3/4.

March soybean meal was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at $367.20 is the next downside target. If March renews the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. First resistance is last-Wednesday's high crossing at $398.80. Second resistance is monthly resistance crossing at $404.90. First support is Wednesday's low crossing at $380.10. Second support is the 50-day moving average crossing at $367.20.

March soybean oil was higher overnight as it extends the rally off Wednesday's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. Closes below Wednesday's low crossing at 36.42 would confirm that a short-term top has been posted. First resistance is November's high crossing at 38.60. Second resistance is monthly resistance crossing at 41.25. First support is Wednesday's low crossing at 36.42. Second support is the 50-day moving average crossing at 34.80.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 29969.52 +85.73 +0.31%
NASDAQ Composite 12377.18 +27.81 +0.25%
S&P 500 3666.72 -2.29 -0.07%
SPDR S&P 500 366.43 -0.36 -0.11%
iShares Russell 2000 ETF 183.87 +0.98 +0.61%

U.S. STOCK INDEXES

The December NASDAQ 100 was higher overnight as investors waited to see if the latest American jobs numbers will show damage from the resurgent pandemic. Drug and energy companies were leading the gains. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher are possible near-term. If the NASDAQ 100 extends the rally off November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 12,086.19 would signal that a short-term top has been posted. First resistance was Thursday's high crossing at 12,540.25. Second resistance is unknown. First support is the 20-day moving average crossing at 12,086.19. Second is the 50-day moving average crossing at11,762.80.

The December S&P 500 was steady to higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are still possible near-term. If December extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3589.61 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 3667.30. Second resistance is unknown. First support is the 20-day moving average crossing at 3589.61. Second support is the 50-day moving average crossing at 3469.36.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2020 171.56250 -0.62500 -0.36%
iShares Floating Rate Bond ETF 50.725 +0.002 0.00%
5 YEAR T-NOTES Dec 2020 125.500000 -0.054688 -0.04%
ULTRA T-BONDS Dec 2020 214.37500 +0.06250 +0.03%
Invesco Senior Loan Portf 22.100 -0.040 -0.18%

INTEREST RATES

March T-bonds were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, November's low crossing at 169-16 is the next downside target. Closes above the 50-day moving average crossing at 174-30 would open the door for a possible test of November's high crossing at 170-22. First resistance is the 50-day moving average crossing at 174-30. Second resistance is November's high crossing at 177-06. First support is Wednesday's low crossing at 171-22. Second support is November's low crossing at 170-22.

March T-notes were lower overnight following a two-day bounce off Wednesday's low. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, November's low crossing at 136.265 is the next downside target. If March renews the rally off November's low, the 50-day moving average crossing at 138.081 is the next upside target. First resistance is the 50-day moving average crossing at 138.081. Second resistance is November's high crossing at 138.300. First support is Wednesday's low crossing at 137.085. Second support is November's low crossing at 136.265.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Jan 2021 139.475 -2.425 -1.79%
LEAN HOGS Dec 2020 66.025 -0.225 -0.34%
LIVE CATTLE Dec 2020 109.400 -1.025 -0.95%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 33.9608 -0.2941 -0.88%

LIVESTOCK

February hogs closed down $0.95 at $66.93.

February hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $66.62 would signal that a short-term top has been posted. If February extends the rally off November's low October's high crossing at $72.80 is the next upside target. First resistance is Tuesday's high crossing at $69.60. Second resistance is October's high crossing at $72.80. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.

February cattle closed down $1.45 at $112.48

February cattle close lower on Thursday as it consolidated some of the rally off November's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If February renews the rally off November's low, November's high crossing at $115.45 is the next upside target. If February extends the decline off last-Tuesday's high, the November 20th low crossing at $109.00 is the next downside target. First resistance is November's high crossing at $115.45. Second resistance is September's high crossing at $116.63. First support is the November 20th low crossing at $109.00. Second support is October's low crossing at $105.53.

January Feeder cattle closed down $2.30-cents at $139.50.

January Feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $138.85 would signal that a short-term top has been posted. If January extends the rally off October's low, August's high crossing at $147.38 is the next upside target. First resistance is Tuesday's high crossing at $143.48. Second resistance is August's high crossing at $147.38. First support is the November 20th low crossing at $133.00. Second support is October's low crossing at $124.25.



 
Metals Snapshot
Symbol Last Change %
GOLD Dec 2020 1840.9 +0.9 +0.05%
SPDR Gold Trust 172.84 +1.38 +0.77%
SILVER Dec 2020 24.275 +0.200 +0.83%
PALLADIUM Dec 2020 2326.0 +19.0 +0.83%
Direxion Daily Gold Miners Index Bear 2X Shares 21.18 +0.61 +3.37%
Invesco DB Precious Metals Fund 50.53 +0.38 +0.73%

PRECIOUS METALS

February gold was higher overnight as it extends the rebound off Monday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1857.10 would signal that a short-term low has been posted. If February renews the decline off November's high, the 50% retracement level of the 2018-2020-rally crossing at $1711.10 is the next downside target. First resistance is the 20-day moving average crossing at $1857.10. Second resistance is the 50-day moving average crossing at $1888.70. First support is Monday's low crossing at $1767.20. Second support is the 50% retracement level of the 2018-2020-rally crossing at $1711.10.

March silver was steady to slightly higher overnight as it extends the rally off Monday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $24.307 would signal that a short-term low has been posted. If March renews the decline off November's high, the 50% retracement level of the March-August-rally crossing at $21.148 is the next downside target. First resistance is the 50-day moving average crossing at $24.307. Second resistance is the November 16th high crossing at $25.285. First support is September's low crossing at $21.930. Second support is the 50% retracement level of the March-August-rally crossing at $21.148.

March copper was steady to higher overnight as it extends this year's rally. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 62% retracement level of the 2011-2016-decline on the monthly continuation chart crossing at 3.6126 is the next upside target. Closes below the 20-day moving average crossing at 3.2979 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 3.5360. Second resistance is the 62% retracement level of the 2011-2016-decline on the monthly chart crossing at 3.6126. First support is the 10-day moving average crossing at 3.4136. Second support is the 20-day moving average crossing at 3.2979.



 
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1. CL.F21 CRUDE OIL Jan 2021 46.04 +0.40 +1.01% 110,057 +100    Entry Signal
2. 6A.Z20 AUSTRALIAN $ Dec 2020 0.74275 -0.00155 -0.22% 31,396 +100    Entry Signal
3. QCL.H21 CRUDE OIL MARCH 2021 46.37 +0.46 +1.00% 18,577 +100    Entry Signal
4. QBZ.J21 BRENT CRUDE OIL LAST DAY APRIL 2021 48.65 +0.49 +1.01% 6,835 +100    Entry Signal
5. BZ.H21 CRUDE OIL BRENT LAST DAY Mar 2021 49.02 +0.33 +0.79% 6,512 +100    Entry Signal
6. M6A.Z20 E-MICRO AUD/USD Dec 2020 0.7427 -0.0020 -0.28% 5,385 +100    Entry Signal
7. 6R.Z20 RUSSIAN RUBLE Dec 2020 0.013500 +0.000105 +0.82% 3,603 +100    Entry Signal
8. BZ.M21 CRUDE OIL BRENT LAST DAY Jun 2021 48.89 +0.34 +0.79% 3,424 +100    Entry Signal
9. 6A.H21 AUSTRALIAN $ Mar 2021 0.74325 -0.00145 -0.20% 3,199 +100    Entry Signal
10. QRB.G21 RBOB GASOLINE Feb 2021 1.2807 +0.0102 +0.80% 3,049 +100    Entry Signal

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